Best forex Brokers in Armenia 2024 ( Reviewed and Rated)

Armenia has become a popular destination for forex trading due to its favorable regulatory environment, high level of financial literacy and a growing number of forex brokers catering to the needs of the local traders. 

When looking for the best forex broker in Armenia, traders must consider factors such as regulation, trading platform, available currency pairs, and customer support. In this article, we will provide an overview of the top forex brokers in Armenia and help you make an informed decision in selecting the best one for your needs.

A list of Top Forex Broker in Armenia

Looking for the top forex brokers in Armenia? Look no further than our comprehensive list of the Top Ten Forex Brokers in Armenia. Our expert team has carefully researched and evaluated each broker based on a range of key factors, including reputation, regulation, trading experience, customer support, and more.

Here is the list of top 10 forex brokers in  Armenia 

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in Armenia

Best Forex Brokers in Armenia Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is one of the leading online forex brokers in the world, established in 2017 and regulated in Australia. It offers traders some of the tightest spreads in the industry, making it an ideal choice for traders who want to maximize their profits. IC Market is also known for its range of trading platforms, including MT4, MT5, cTrader, Web, and Mobile, making it a great choice for traders of all levels.

IC Markets is a great broker for trading a variety of instruments including currencies, cryptos, and CFDs. They allow scalping and news trading, as well as EA and robots. Additionally, they offer a MAM account for more experienced traders. Unfortunately, PAMM accounts and Zulutrade social trading are not available.

Our Ratings

Pros:

• Low fees and commissions: IC Markets offers some of the lowest fees and commissions in the industry, making it a cost-effective choice for traders. 
• Wide range of products: IC Markets offers a wide range of products, including forex, indices, commodities and cryptocurrencies. 
• Comprehensive trading platform: IC Markets’ trading platform, cTrader, is comprehensive and feature-rich, offering traders a variety of tools and features to enhance their trading experience. Fast execution: IC Markets offers fast execution speeds, with trades executed in less than 0.1 seconds. 
• Regulated: IC Markets is fully regulated by the Australian Securities and Investments Commission (ASIC). 

Cons:

• Limited education resources: IC Markets does not provide traders with a wide range of educational resources. 
• Limited customer service options: IC Markets does not offer live customer support in many languages.

Pepperstone.com — For Islamic Account

Pepperstone is a regulated broker based in Australia and established in 2010. It offers a wide range of trading platforms, including MT4, MT5, cTrader, DupliTrade and TradingView. For traders looking for an Islamic account, Pepperstone is a great choice, as it adheres to all of the regulations set forth by the Islamic faith. With its wide range of trading platforms, Pepperstone is a great choice for traders of all levels of experience.

Pepperstone is a renowned broker offering a wide range of trading instruments for its customers. It offers more than 60 currency pairs, 20+ Cryptos, and a whopping 1200+ CFDs for trading. Moreover, Pepperstone allows its customers to use EAs and robots, as well as scalping and news trading. It also provides additional services in the form of MAM and PAMM Accounts, and Copy Trading. With its comprehensive range of trading instruments and features, Pepperstone is a great choice for traders of all levels.

Our Ratings

Pros

• Regulated by Australian Securities and Investments Commission (ASIC) 
• Low spreads and competitive commission fees 
• Comprehensive educational resources 
• Heavily automated trading platform 
• Access to a wide range of markets and instruments 

Cons:

• Limited customer service options 
• Limited range of trading tools and features

Etoro.com – Best for Social Copy Trading

Etoro is a regulated broker based in the United Kingdom that has been established since 2007. It is best known for its social copy trading feature, which allows users to copy the trading strategies of other successful traders. Etoro offers its own trading platform, which is designed to be user-friendly and intuitive. With a wide range of assets to choose from and a range of features, Etoro is an ideal choice for both beginners and experienced traders.

Etoro is a leading online broker offering a variety of trading instruments. It provides access to over 45 currencies, 55 cryptos, and 2815 CFDs. It does not allow trading with Ea or Robots, however, it does provide the facility of copy trading which is allowed. This is a great tool for those who want to learn from experienced traders, as well as those who want to maximize their trading opportunities.

Our Ratings

Pros

• Easy to use platform with a user friendly interface; 
• Wide variety of trading instruments; 
• Low fees and commissions; 
• Supports multiple languages; 
• Offers copy trading and copy portfolio features. 

Cons:

• No support for automated trading; 
• Limited customer support options.

XM.Com – For Flexible trading

XM is an established and regulated broker, based in Cyprus, that has been offering flexible trading since 2009. XM offers the popular MetaTrader 4 and MetaTrader 5 trading platforms, which are used and trusted by traders around the world. XM’s reliable and fast trading execution and competitive pricing make it a great choice for traders looking for a reliable broker.

XM is a broker that offers a wide range of trading instruments, including 55+ currencies, 30+ cryptos, and 940+ CFDs. It also allows traders to use EAs and robots and engage in scalping and news trading. Moreover, it provides traders with additional facilities such as MAM accounts, although PAMM accounts are not available. Lastly, XM also offers Zulutrade Social Trading, making it a great broker for both beginners and experienced traders.

Our Ratings

Pros

• Low fees and commissions 
• No minimum deposit requirement 
• A wide range of trading instruments 
• Variety of account types 
• Robust customer support 

Cons:

• Limited availability in some countries 
• No local branches for in-person support

Exness.com — For Instant withdrawal

Exness is a leading forex broker, offering an extensive range of trading instruments such as currencies, cryptos, and CFDs. With Exness, traders can employ the use of EAs and robots, as well as scalping and news trading strategies. Additionally, Exness provides its traders with the facility of copy trading, allowing them to copy the strategies and trades of experienced traders. With 95+ currency pairs, 5+ cryptos, and 130+ CFDs, Exness offers a wide range of trading products.

Pros

• Low spreads and competitive commission 
• Wide range of assets to choose from 
• User-friendly platforms 
• Fast and secure deposit/withdrawal methods 
• Excellent customer service 

Cons:

• Limited leverage 
• Limited educational resources

Oanda.com — Most Trusted

Oanda is one of the most trusted and regulated brokers in the industry, having been established in 1996 in the United States. It provides its clients with a range of trading platforms, including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView, to cater to their needs. Oanda is the ideal choice for traders looking for a reliable and secure broker.

Oanda is a broker offering a wide range of trading instruments including over 70+ currencies, 4 cryptos, and 50+ CFDs. It allows traders to use EAs and robots as well as scalping and news trading. It also provides additional facilities like ZuluTrade.

Our Ratings

Pros

• Oanda offers competitive spreads and low commissions.
• Oanda offers a large selection of currency pairs and financial instruments for traders to choose from. 
• Oanda provides excellent customer service and support. 
• Oanda’s web-based trading platform is easy to use and navigate. 5. Oanda is regulated by several international regulatory bodies and offers a safe environment for traders to operate in. 

Cons:

• Oanda does not offer any automated trading features. 
• Oanda charges inactivity fees for dormant accounts.

FBS.com —- For High Leverage

FBS is a regulated Forex broker established in 2009 and based in Belize. It offers a wide range of trading platforms such as MT4, MT5, and FBS Trader. FBS is especially popular among traders who are looking for high leverage and tight spreads. The broker provides excellent customer service and reliable trading conditions. It is a great choice for those looking to trade in the Forex market.

FBS is a broker that offers a wide range of trading instruments, including 35+ currencies and 3 CFDs. It allows traders to use EAs and robots, as well as scalping and news trading, making it a great choice for any trader. The trading conditions are also very favorable, allowing traders to maximize their potential profits.

Our Ratings

Pros

• Low minimum deposit requirement 
• Variety of account types, including ECN and Islamic accounts 
• Comprehensive educational resources 
• Variety of trading tools and charting packages 
• Low spreads and fast execution 

Cons:

• High withdrawal fees 
• Limited customer service hours

Hotforex.com — For Trading instruments

Hotforex is a regulated broker based in Saint Vincent and Grenadines that has been established since 2010. It offers a range of trading instruments and uses the popular MT4 and MT5 trading platforms. With its strong regulatory background, experienced customer service staff, and range of trading options, Hotforex is a great choice for traders of all levels.

Hotforex is a popular online broker offering a wide range of instruments for trading. It offers more than 45 currencies, 5+ cryptos, and 5+ CFDs for trading. It allows traders to use Ea or robots, scalping and news trading. Hotforex also provides additional facilities such as MAM account. Hotforex is a great option for traders looking for a reliable, secure and accessible broker.

Our Ratings

Pros

• Hotforex offers competitive trading conditions, including tight spreads and fast execution. 
• It provides a wide range of trading instruments, including Forex, CFDs, commodities, indices, and cryptocurrencies. 
• It has a variety of account types to suit different trading styles and budgets.
• The broker offers customer support in more than 12 languages. 
• Hotforex provides various trading platforms with advanced charting tools and analysis. 

Cons:

• The customer service could be improved. 
• The minimum deposit is relatively high.

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia that was established in 2009. They specialize in providing excellent trading support and offer a range of trading platforms including MT4, MT5 and TradingView. They are known for their competitive trading fees and tight spreads, making them an ideal choice for traders of all levels. Eightcap is dedicated to providing exceptional customer service and a safe and secure trading environment.

Eightcap is a well-known and trusted broker that offers a wide range of trading instruments. These include 45+ currencies, 300+ cryptos and 800+ CFDs. All traders using Eightcap’s services can engage in EA or robots trading, as well as scalping, and more. Eightcap also offers PAMM and MAM accounts, providing traders with additional facilities for their trading requirements.

Our Ratings

Pros

• Low minimum deposit of $200 2. Regulated by ASIC in Australia 
• Comprehensive range of trading instruments including Forex, commodities, indices, and shares 
• Variety of account types to suit different traders 
• Variety of trading platforms including Metatrader 4 and 5, Webtrader, and mobile 

Cons:

• No deposit bonuses or promotional offers
• Limited customer service options

FXTM.com — Best For Trading Conditions

FXTM is a regulated broker based in Mauritius, established in 2011. It is best known for its excellent trading conditions and offers the popular MetaTrader 4 and MetaTrader 5 trading platforms, as well as the WebTrader platform. Whether you are a beginner or an experienced trader, FXTM provides a variety of tools and resources to help you make the most of your trading experience.

FXTM is a great broker for trading a variety of different instruments. It offers 55+ currencies, 4+ cryptos, and 190+ CFDs. It also allows for scalping, news trading and EAs or robots. Additionally, it offers MAM Accounts to users, allowing for even more flexibility. All in all, FXTM provides a great set of trading conditions to its customers.

Our Ratings

Pros

• Low minimum deposit requirements 
• Wide range of trading instruments 
• Transparent and competitive fees and spreads 
• Comprehensive educational material 
• Fast and reliable customer service 

Cons:

• Limited range of trading platforms 
• Lack of support for automated trading systems

What is a Forex Broker?

A Forex broker is a specialized financial intermediary crucial for individuals and businesses participating in currency trading within the vast global foreign exchange market. Serving as a vital link between traders and the dynamic realm of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount to ensuring a secure and efficient trading experience, complemented by essential tools and analysis to navigate the intricacies of currency transactions within the expansive forex landscape.

Learn More : A Simple Explanation of a Forex Broker

What are the Most Trusted Forex Brokers in Armenia ?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Armenia . These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in Armenia

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Armenia . The broker is not only popular in Armenia  but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in Armenia ?

Based on our in-depth research and test results, the best MT4 forex brokers in Armenia  are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in Armenia ?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in Armenia  offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UK are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in Armenia?

Our findings and broker ratings show that the best ECN Forex brokers in Armenia  are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in Armenia ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Armenia . They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in Armenia ?

The best forex brokers offering copy trading platforms in Armenia include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in Armenia ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Armenia . FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000 

How Can I trade Forex in the Armenia 

Step 1: Understand the basics of forex trading

Forex trading involves buying and selling currency pairs to make a profit. You need to understand the basic concepts of forex trading, such as the bid-ask spread, leverage, and margin. You can find plenty of educational resources online that explain the basics of forex trading.

Step 2: Choose a forex broker

To trade forex in Armenia, you need to choose a reputable forex broker that is regulated by the Central Bank of Armenia. You should consider factors such as trading platforms, spreads, commissions, customer support, and trading tools when choosing a forex broker.

Step 3: Open a trading account

Once you have selected a forex broker, you need to open a trading account. Most forex brokers offer different types of trading accounts, such as demo accounts, standard accounts, and VIP accounts. Choose an account that meets your trading needs and suits your budget.

Step 4: Verify your account

To comply with regulatory requirements, you need to verify your trading account by providing your personal information and supporting documents, such as a copy of your ID and proof of address.

Step 5: Fund your account

After your trading account is verified, you need to fund it with money. Most forex brokers offer various deposit methods, such as bank transfer, credit/debit cards, and e-wallets. Choose a deposit method that is convenient and secure for you.

Step 6: Start trading

Once you have funded your trading account, you can start trading forex. You need to select the currency pair you want to trade and analyze the market using technical and fundamental analysis. You can use trading tools such as charts, indicators, and expert advisors to help you make trading decisions.

Step 7: Manage your risks

Forex trading involves risks, and you need to manage your risks by setting stop-loss and take-profit levels. You should also avoid overtrading and using too much leverage, as these can lead to significant losses.

Step 8: Monitor your trades

You need to monitor your trades and adjust your trading strategy based on market conditions. You should also keep track of your trading performance and learn from your mistakes.

Different Types of Forex Brokers in Armenia

Dealing Desk Brokers:

Dealing desk brokers are also known as market makers. They create a market for their clients by taking the other side of their trades. Dealing desk brokers make money through the bid-ask spread, which is the difference between the buying and selling prices of a currency pair. There are two types of dealing desk brokers:

Market Maker:

A market maker is a dealing desk broker that sets the bid-ask spread for the currency pairs they offer. They quote two prices for each currency pair, the bid (sell) price and the ask (buy) price. Market makers can offer fixed or variable spreads, and they often provide additional services, such as market analysis and trading tools.

No Dealing Desk Brokers:

No dealing desk brokers do not create a market for their clients. Instead, they pass their clients’ trades to liquidity providers, such as banks and other brokers, to execute. There are two types of no dealing desk brokers:

Electronic Communication Network (ECN):

An ECN broker is a no dealing desk broker that connects their clients directly to the interbank market, where liquidity providers compete to execute their trades. ECN brokers charge a commission for their services, and they offer variable spreads that can be very tight during periods of high liquidity.

Straight Through Processing (STP):

An STP broker is a no dealing desk broker that routes their clients’ trades to liquidity providers for execution. Unlike ECN brokers, STP brokers do not charge a commission, but they add a markup to the spread to make a profit. STP brokers can offer both fixed and variable spreads, and they often provide additional services, such as educational resources and trading signals.

Types of Trading Platfroms in Armenia

Desktop Trading Platforms:

Desktop trading platforms are software applications that need to be downloaded and installed on a computer. These platforms offer a range of features, including advanced charting tools, custom indicators, and trading automation. Some popular desktop trading platforms in Armenia include MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Web-based Trading Platforms:

Web-based trading platforms are accessed through a web browser and do not require any installation. These platforms are often provided by brokers and offer basic trading features such as order placement, charting tools, and news feeds. Web-based trading platforms are convenient for traders who want to access their accounts from any device with an internet connection.

Mobile Trading Platforms:

Mobile trading platforms are designed for smartphones and tablets and allow traders to access the financial markets on the go. These platforms are often provided by brokers and offer basic trading features such as order placement, charting tools, and news feeds. Some popular mobile trading platforms in Armenia include MetaTrader 4 (MT4) and MetaTrader 5 (MT5) mobile versions.

Social Trading Platforms:

Social trading platforms allow traders to copy the trades of other traders in real-time. These platforms offer a range of features such as automated trading, social networks, and trading analysis. Some popular social trading platforms in Armenia include eToro and ZuluTrade.

API Trading Platforms:

API trading platforms allow traders to automate their trading strategies using application programming interfaces (APIs). These platforms offer advanced trading features and require programming skills to use effectively. Some popular API trading platforms in Armenia include cTrader and NinjaTrader.

How to choose the best forex brokers in Armenia ?

When choosing a forex broker in Armenia, it is important to take a comprehensive and thorough approach. Here is a more detailed explanation of each of the key factors to consider:

Regulation:

Forex trading is a highly regulated industry, and it is important to choose a broker that is regulated by a reputable financial authority. The Central Bank of Armenia is the main regulatory body in the country and ensures that brokers operate in a transparent and fair manner. By choosing a regulated broker, you can be sure that your funds are protected and that you are dealing with a reputable company.

Trading Platform:

A trading platform is the main tool that you will use to place trades and manage your portfolio. It is crucial to choose a platform that is reliable, user-friendly and features the tools you need to make informed trading decisions. This can include charting tools, technical indicators, and news feeds. The platform should also be compatible with the devices you use, whether it be a desktop computer, tablet, or smartphone.

Available Currency Pairs:

Forex trading involves buying and selling currency pairs, and it is important to choose a broker that offers a wide range of pairs. The more pairs available, the greater the potential for finding profitable trades. Some of the most popular currency pairs include EUR/USD, USD/JPY, and GBP/USD.

Customer Support:

Good customer support is essential for a seamless trading experience. Look for a broker that provides 24/7 support through multiple channels such as live chat, phone, and email. The support team should be knowledgeable and able to help you with any questions or concerns you may have.

Fees and Spreads:

Forex brokers make money by charging fees and spreads on trades. It is important to compare the fees and spreads offered by different brokers to ensure that you are getting the best value for your money. Some brokers charge commission on trades, while others make money through wider spreads.

Education and Research:

Forex trading can be complex and it is important to have access to the resources you need to make informed trading decisions. A broker that provides educational resources and market research can help you stay informed and make more informed trading decisions. This can include webinars, e-books, and market analysis.

Reputation:

The reputation of a broker is an important consideration when choosing a forex broker. Look for a broker with a strong track record of satisfied clients. Read reviews and testimonials from other traders to get an idea of their experience with the broker. A broker with a good reputation is more likely to provide a high-quality trading experience.

Frequently Asked Question (FAQs)

Is Forex Trading Legal in Armenia ?

Armenia’s foreign exchange regulation is liberal, allowing both residents and foreign nationals to hold foreign currency accounts and engage in foreign currency transactions within the guidelines of the Central Bank of Armenia regulations and the Law on Currency Control. This means that individuals and businesses in Armenia can import, export, and exchange foreign currency with relative freedom.

Is it safe to trade with a forex broker in Armenia?

Yes, it is safe to trade with a forex broker in Armenia as long as the broker is regulated by a reputable financial authority such as the Central Bank of Armenia. A regulated broker is required to follow strict rules and regulations to ensure the safety of traders’ funds.

What should I look for when choosing a forex broker in Armenia?

When choosing a forex broker in Armenia, you should consider factors such as regulation, trading platform, available currency pairs, customer support, fees and spreads, education and research, and reputation.

What is the role of the Central Bank of Armenia in regulating forex brokers?

The Central Bank of Armenia is the main regulatory body in the country and is responsible for ensuring that forex brokers operate in a transparent and fair manner. It sets rules and regulations to protect traders’ funds and ensure that brokers follow best practices in the industry.

Can I trade with a forex broker based outside of Armenia?

Yes, you can trade with a forex broker based outside of Armenia, however, you should consider the regulation and reputation of the broker before making your decision. It is also important to consider the impact of any potential language or time differences on your trading experience.

Conclusion

The best forex broker in Armenia will depend on your individual needs and goals. By considering factors such as regulation, trading platform, available currency pairs, customer support, fees and spreads, education and research, and reputation, you can choose a broker that meets your needs and helps you achieve your trading goals. It is important to choose a regulated broker that is registered with a reputable financial authority such as the Central Bank of Armenia to ensure the safety of your funds. By taking the time to thoroughly evaluate your options, you can find the best forex broker in Armenia for your trading needs.